(Alliance News) - Greatland Gold PLC on Monday said it has identified exploration targets at Paterson Range East following a high-resolution, low-level aeromagnetic survey conducted over the entire licence area.
The Paterson Range East licence - located in western Australia - is wholly-owned by Greatland and lies 25 kilometres north of its Havieron gold-copper prospect.
The exploration and development company said new aeromagnetic data collected across Paterson Range East identified and defined numerous "high-priority" targets with a similar magnetic signature to Havieron.
Modelling of aeromagnetic targets is underway, Greatland said, and these will be subject to detailed, grid-based ground gravity and surface geochemical work.
In August, the company plans to commence comprehensive ground gravity and surface geochemistry.
High-priority targets will then be subject to further modelling and follow-up work, Greatland said, which may include induced polarisation and electromagnetic geophysical surveys, prior to drill testing.
"We are very pleased with the encouraging data collected from this detailed, high-resolution survey, which clearly defines numerous high-priority targets at Paterson Range East with a similar discrete magnetic signature to Havieron," said Chief Executive Gervaise Heddle.
"We plan to quickly follow up these results with the launch of comprehensive ground gravity and surface geochemical surveys next month," continued Heddle. "The combination of a focused suite of geophysical and geochemical tools provides us with a fast, effective and relatively low-cost method to screen for high-priority targets over a large area."
Greatland shares were trading 3.7% higher on Monday in London at 1.88 pence each.
Greatland Gold (GGP)